(MENAFN - Morocco Business News) Morocco has signed the declaration of the Organization for Economic cooperation and development (OECD) on International Investment and Multinational companies.
The declaration, which was signed on the sidelines of the Ministerial Conference of the MENA-OECD initiative held on Monday in Marrakech, mainly calls for the respect of companies' governance standards mainly in the banking, financial and public sectors.
Through this declaration, the signatories underline the importance of encouraging SMEs, promoting growth and respecting fiscal transparence.
"The signing of this declaration is the fruit of Morocco's long reform process to improve the investment climate and attract more foreign investments," said the Moroccan Minister in charge of Economic and General Affairs, Nizar Baraka, who signed the declaration.
Through Morocco's free trade agreements signed with many countries, "we offer to investors some 1 billion potential consumers," added the minister during a press conference.
Morocco had officially joined the committee of the Development Centre of the Organization for Economic Cooperation and Development (OECD) earlier this year.
Morocco is the second Arab and third African country to adhere to the centre, after Egypt and South Africa.
The Development Centre helps policy makers in the OECD and partner countries to find innovative solutions to the global challenges of development and poverty alleviation.
Established in 1961, the OECD includes 30 member countries. Its mission is to support sustainable economic growth, boost employment, assist other countries' economic development and raise living standards.